The Shane Co. operating four stores in metro Atlanta, filed for Chapter 11 bankruptcy protection.
According to the Atlanta Business Chronicle, The Centennial, Colo.-based jeweler listed assets and debt of between $100 million and $500 million on documents filed in U.S. Bankruptcy Court in Denver on Monday. It said it had between 5,000 and 10,000 creditors.
Shane Co. owes $26 million to its 20 largest creditors alone, according to a court filing. Dison Gems of New York, which is owed $4.7 million, is the company’s largest unsecured creditor.
Denver attorney Caroline Fuller, of Fairfield and Woods PC, who represents Shane Co., said the current economy and the state of the luxury goods retail market put the diamond merchant in a cash crunch. She said the company hoped to emerge from Chapter 11 by year's end.
Founded in 1971, Shane Co. currently operates 23 stores in 14 states, including stores in Alpharetta, Duluth, Kennesaw and Morrow, Ga. In its advertising and on its Web site, the company calls itself “your friend in the diamond business.” It says that customers pay “no middleman markup” because the company buys its diamonds and gems directly from cutters in Belgium, Israel, Thailand and India.
I truly hope that The Shane Co. recovers like Delta Airlines! It is really important that we support our local businesses! Please shop The Shane Co.!!
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